The analyst also offered up this scenario for the quarter ending in December: even if Apple were to grow shipments in that quarter by 75 percent, "this implies 6% growth y/y in [calendar year 2013], well below industry growth of 58.7% (according to IDC)."

Citi reiterated that it expects an iPad 5 and new iPad Mini in the coming months. "We continue to expect iPad5 and a low-cost iPad Mini to be launched in 2H13 [second half 2013]," Yeung added.

Citi Research made no mention of an iPad Mini Retina. This is consistent with past comments by Citi claiming that Mini Retina will be delayed.

About the author

Brooke Crothers writes about mobile computer systems, including laptops, tablets, smartphones: how they define the computing experience and the hardware that makes them tick. He has served as an editor at large at CNET News and a contributing reporter to The New York Times' Bits and Technology sections. His interest in things small began when living in Tokyo in a very small apartment for a very long time.
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